“We don’t take this decision lightly. Mastercard has operated in Russia for more than 25 years. We have nearly 200 colleagues there who make this company so critical to many stakeholders. As we take these steps, we will continue to focus on their safety and well-being, including continuing to provide pay and benefits. When it is appropriate, and if it is permissible under the law, we will use their passion and creativity to work to restore operations.” (Mastercard statement on suspension of services in Russia) … “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Al Kelly, chairman and chief executive officer of Visa Inc. “We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia. This war and the ongoing threat to peace and stability demand we respond in line with our values.” (Visa CEO and Chair Al Kelly) … “Mr. Service says the key to understanding Mr. Putin is his adamant belief that Russia is “a great global power” and that the Russian sphere of influence should extend to as many of the former Soviet republics as possible: “’There’s no state that’s more important to him than Ukraine.'” (The Wall Street Journal interview with Russia expert Robert Service) … How much does this matter? Historically, economic sanctions have tended to be porous: Countries find workarounds, greatly reducing their effectiveness. But a funny thing has happened in this case. So far, economic pressure against Russia appears to be highly effective, crimping Russian trade even in goods that haven’t officially been placed under sanctions. (The New York Times columnist Paul Krugman)
